Medical Equipment Maintenance Market size worth $ 76.2 Billion, Globally, by 2027 at 12.4% CAGR: Nova one Advisor

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Latest Study on “Medical Equipment Maintenance Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2027”.

The global Medical Equipment Maintenance market size is expected to be worth around US$ 76.2 Billion by 2027, according to a new report by nova one advisor.

The global Medical Equipment Maintenance market size was valued at US$ 44.9 Billion i in 2020 and is anticipated to grow at a CAGR of 12.4% during forecast period 2021 to 2027.

Overview of Medical Equipment Maintenance Market Study

Medical Equipment Maintenance market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.

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Growth Factors:

The expanding patient population, rising focus on early diagnosis, growing number of diagnostic imaging procedures, presence of a large number of OEMs, and strategic agreements and collaborations between service providers and end users are the major factors driving the growth of the medical equipment maintenance market.

Medical Equipment Maintenance Market Dynamics
Driver: Rising focus on preventive medical equipment maintenance
The focus on the preventive maintenance of medical equipment has grown in recent years, as healthcare institutions seek to enhance patient safety and care quality. This involves a carefully designed program where maintenance tasks are performed in a scheduled manner to avoid larger and costly repairs down the line. It also helps in reducing equipment downtime, which enhances day-to-day operations and improves device reliability.

The preventive maintenance approach is gaining prominence as planned inspections, and medical device maintenance help avoid adverse incidents and medical device-related accidents. Regular maintenance services ensure the safe, efficient, and long-lasting use of medical devices. The growing focus on implementing preventive maintenance strategies among healthcare organizations is expected to offer growth opportunities for service providers in the coming years.

Restraint: High initial cost and significant maintenance expenditure
Maintenance programs for medical devices enable healthcare providers to track and monitor their condition, and thereby ensure efficient utilization and maximum uptime. This is also essential, given the current focus on preventive maintenance and cost pressures, to control total expenditure against a background of austerity measures. Such programs include the deployment of asset management solutions, which use advanced technologies.

However, the deployment of these solutions incurs high initial installation costs and significant maintenance expenditure, while the installation of advanced medical equipment incurs a service contract cost (~12% of the cost of medical equipment) to be paid per year. The service cost thus paid during the lifespan of the equipment is usually more than the cost of the equipment. The high cost associated with the purchase and maintenance of advanced medical equipment is restraining end users from adopting them.

Opportunity: Emergence of ISOs
The medical equipment maintenance and services sector was initially dominated by OEMs. However, OEMs typically charge more than third-party vendors, and often take longer for maintenance, resulting in higher associated costs as well as downtime. This situation, especially given the backdrop of continuing austerity measures and the need for cost-curtailment in healthcare systems, has led to the emergence of ISOs dedicated to solely providing maintenance services.

With a strong team of experts, these organizations can cater to customers in situations where OEMs fail to offer satisfactory and time-efficient solutions. Moreover, ISOs offer services for multiple brands of medical devices, providing end users with a central, independent management platform for uniform service delivery across all asset groups, while reducing maintenance costs.

Challenge: Survival of players in a highly fragmented and competitive market
The medical equipment maintenance market is highly fragmented and competitive and comprises a broad range of players, including multinational companies and small local players. The high capital required in retaining biomedical engineers, logistics of medical devices, and regulatory approval make it difficult for several companies (especially start-ups and small organizations) to sustain their presence in the industry.

As a result, companies are focusing on the development of better and improved technologies to gain a competitive edge. A few companies have also emphasized acquisitions and partnerships to maintain and improve their market sustainability, expertise, and technological capabilities. This provides a highly competitive and dynamic environment, which makes it difficult for smaller companies to survive.

By service provider, the multi-vendor OEMs segment dominated the medical equipment maintenance market
Based on the service provider, the medical equipment maintenance market is segmented into multi-vendor OEMs, single-vendor OEMs, ISOs, and in-house maintenance. The multi-vendor OEMs dominated the medical equipment maintenance market in 2020. The total cost of maintenance services provided under multi-vendor management is lower than single-vendor OEM contracts, with a similar quality of services. Cost reduction of 20% can be achieved by outsourcing to a service provider providing multi-vendor services (MVS) which, is expected to fuels the growth of this segment during the forecast period.

By service type, the preventive maintenance segment dominated the medical equipment maintenance market
Based on service type, the medical equipment maintenance market is segmented into corrective, preventive, and operational maintenance. The preventive maintenance segment is estimated to dominate the medical equipment maintenance market in 2020. The growing focus on implementing preventive maintenance strategies among healthcare organizations is expected to offer growth opportunities for service providers in the coming years.

By device type, the diagnostic imaging equipment segment accounted for the largest share of the medical equipment maintenance market in 2020
Based on device type, the medical equipment maintenance market is segmented into diagnostic imaging equipment, patient monitoring & life support devices, endoscopic devices, surgical equipment, ophthalmology equipment, medical lasers, electrosurgical equipment, radiotherapy devices, dental equipment, laboratory equipment, and durable medical equipment. Among these, the diagnostic imaging equipment segment accounted for the largest share of the market in 2020. The large share of this segment is attributed to the increasing application of diagnostic imaging technology in the dental industry and for minimally invasive surgery.

By End User, the hospitals segment accounted for the largest share of the medical equipment maintenance market in 2020
Based on End User, the medical equipment maintenance market has been segmented into the hospitals, diagnostic imaging centers, dialysis centers, ambulatory surgical centers, dental clinics & specialty clinics, and other end users. Among these, the hospitals segment accounted for the largest share of the market in 2020. . The rising patient influx is encouraging hospitals to form alliances and partnerships with medical device maintenance service vendors for the establishment of state-of-the-art in-house maintenance facilities or outsourcing maintenance services.

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COVID-19 Impact on Medical Equipment Maintenance Sales

Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Medical Equipment Maintenance market.

Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.

Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.

Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Medical Equipment Maintenance market 2021 onwards. This trend will however continue through the course of the report’s assessment period

Key Players:

This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Medical Equipment Maintenance market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the Medical Equipment Maintenance market include:

GE Healthcare; Siemens Healthineers; Koninklijke Philips N.V.; Drägerwerk AG & Co. KGaA; Medtronic; B. Braun Melsungen AG; Aramark; BC Technical, Inc.; Alliance Medical Group; Althea Group.

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

Global Medical Equipment Maintenance Market, by Device Type

  • Diagnostic Imaging Equipments
    • CT Scanners
    • MRI Systems
    • Ultrasound Systems
    • X-Ray Systems
    • Mammography Systems
    • Angiography Systems
    • Fluoroscopy Systems
    • Nuclear Imaging Equipments (PET/SPECT)
  • Electrosurgical Equipment
  • Endoscopic Devices
  • Surgical Equipment
  • Medical Lasers
  • Opthalmology Equipment
  • Patient Monitoring & Life Support Devices
    • Ventilators
    • Anesthesia Monitoring Equipments
    • Infusion Pumps
    • Dialysis Equipment
    • Other Life Supported Devices  & Patient Monitoring Devices
  • Dental Equipment
    • Dental Radiology Equipments
    • Dental Laser Devices
    • Other Dental Equipment
  • Laboratory Equipment
  • Durable Medical Equipments
  • Radiotherapy Devices

Medical Equipment Maintenance Market, by Service Type

  • Preventive Maintenance
  • Corrective Maintenance
  • Operational Maintenance

Global Medical Equipment Maintenance Market, by Technology

  • Multi-Vendor OEMs
  • Single-Vendor OEMs
  • Independent Service Organization
  • In-House Maintenance

Global Medical Equipment Maintenance Market, by End User

  • Hospital
  • Diagnostic Imaging Centers
  • Dialysis Centers
  • Ambulatory Surgical Centers
  • Dental Clinics & Speciality Clinics
  • Other End Users

Why Buy this Report?

The purpose of Nova one advisor’s Medical Equipment Maintenance market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

Download This Full Research Report, Click Here@ https://www.novaoneadvisor.com/report/checkout/5789

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James Root

James Root have over 6+ years of experience working in business development, and customer retention. I’ve gained my experience through serving higher education, healthcare, automotive, aerospace, manufacturing, local government and hospitality businesses with technical solutions.

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